TMI Blog1980 (4) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... lending business, property, etc,. The assessment years in question are 1971-72 and 1972-73 and the corresponding accounting years ended on November 9, 1969, and November 9, 1970. The assessee had debited his capital account with a sum of Rs. 50,000 on November 9, 1969, that is the last date of the accounting year relevant to the assessment year 1970-71. When questioned about the nature of this deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was sufficient to impress such property with the character of joint family property and that the entries in the books of account of the were sufficient. In that view, he held that the assessee was not liable to be taxed on the income arising out of the money so transferred. This view was confirmed by the Tribunal. At the instance of the revenue, the following question hasbeen referred : "Whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are: (1) the existence of a coparcenary ; and (2) the deliberate intention formed by the coparcener owning separate property to treat the same as joint family property ". The assessee who owned separate property in a coparcenary with an interest in coparcenary property is not in dispute. The property does not cease to be the separate property and become the joint family property by any physical a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e there was also the statement of the assessee, which had not been disputed, that the amount was utilised in the pawnbroking business by the joint family. The intention is, therefore, made clear and we have no doubt that the entry is enough evidence to show that there was a conversion of the individual's separate property into that of joint family property. Accordingly, the references are answered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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